Group 1 - Copper prices experienced slight fluctuations, closing up by 0.03%, supported by supply and demand dynamics despite cautious remarks from Powell [1] - Hudbay Minerals announced a temporary closure of its Constancia copper mine in Peru due to safety issues, but stated that this would not impact the company's annual production levels significantly [1] - Domestic copper concentrate processing fees remain low, and recent declines in sulfuric acid prices necessitate monitoring of domestic copper smelting operations [1] Group 2 - Jin Yuan Futures noted that Powell's recent comments maintain a hawkish stance, indicating that the current monetary policy is moderately restrictive, complicating the assessment of the job market's tight balance [2] - Codelco has lowered its production guidance for the Teniente mine, and the Panama copper mine is unlikely to resume production this year, contributing to a negative outlook for spot TC [2] - Domestic refined copper is expected to see production cuts in September, with social inventories remaining low, leading to a forecast of stable copper prices with limited downside adjustment [2]

Core Viewpoint - The copper market is experiencing a slight upward trend, supported by expectations of a Federal Reserve interest rate cut and stable supply-demand dynamics, despite some underlying pressures [1] Group 1: Economic Indicators - Recent economic data, particularly labor statistics, have shown weakness, leading to a significant increase in expectations for a Federal Reserve rate cut in September [1] - The US dollar index is operating weakly, contributing to a favorable environment for copper prices [1] Group 2: Supply and Demand Dynamics - Domestic copper concentrate processing fees remain low, indicating stable supply conditions [1] - Chilean copper miner Codelco has requested permission to partially reopen its flagship El Teniente copper mine, which may impact future production levels [1] Group 3: Market Inventory and Consumption - As of August 7, domestic electrolytic copper inventory stood at 133,300 tons, a decrease of 1,000 tons from August 4 [1] - The Shanghai and Guangdong markets continue to see inventory accumulation, while Jiangsu market inventory has decreased [1] - Recent increases in imported copper arrivals in Shanghai have been noted, although downstream consumption remains relatively weak [1] Group 4: Price Outlook - Jinrui Futures indicates that recent disturbances in copper mining and marginally rising rate cut expectations are supporting copper price performance [1] - However, there are concerns about potential downward pressure on prices due to weakening overseas data and slowing domestic demand [1] - Future observations will focus on consumer resilience, as continued weakness below seasonal expectations may limit price support [1]